Interim-moratorium under insolvency law stays debt proceedings and bars creditors from initiating fresh action until admission. An interim-moratorium begins on filing of an application under section 94 or section 95 and continues until admission of the application. During this period, pending legal action or proceedings in respect of any debt are stayed, and creditors cannot initiate fresh legal action or proceedings concerning any debt. For a firm, the moratorium applies to all partners as on the date of the application, subject to notified exclusions and the stated exception for a personal guarantor to a corporate debtor.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interim-moratorium under insolvency law stays debt proceedings and bars creditors from initiating fresh action until admission.
An interim-moratorium begins on filing of an application under section 94 or section 95 and continues until admission of the application. During this period, pending legal action or proceedings in respect of any debt are stayed, and creditors cannot initiate fresh legal action or proceedings concerning any debt. For a firm, the moratorium applies to all partners as on the date of the application, subject to notified exclusions and the stated exception for a personal guarantor to a corporate debtor.
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